Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on July 10, 2022, that its Compensation Committee granted inducement restricted stock units (RSUs) to 43 new employees, totaling 120,700 shares. These RSUs, which vest over four years, were awarded outside of the 2018 Equity Incentive Plan as an inducement for new hires in compliance with Nasdaq Listing Rule 5635(c)(4). This initiative underscores Travere's commitment to attracting talent as it focuses on developing therapies for rare diseases.

Positive

• Granting 120,700 RSUs to 43 new employees indicates a focus on talent acquisition.
• The vesting schedule of the RSUs over four years encourages long-term commitment from new hires.

Negative

• None.

SAN DIEGO, July 12, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on July 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants to 43 new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 120,700 shares of its common stock. These inducement RSUs are subject to the terms of Travere’s 2018 Equity Incentive Plan (“2018 Plan”), but were granted outside of the 2018 Plan and were granted as inducements material to the new employees entering into employment with Travere in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the grant date, subject to the new employee’s continued service relationship with Travere through the applicable vesting dates.

About Travere Therapeutics

At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com

Contact:
Chris Cline, CFA                                 
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879                                        
IR@travere.com

FAQ

What is the significance of the RSU grants by Travere Therapeutics?

The RSU grants are part of Travere's strategy to attract and retain talent, offering incentives that align employee interests with company performance.

How many shares were granted in the inducement RSUs by Travere?

Travere Therapeutics granted a total of 120,700 inducement restricted stock units (RSUs) to 43 new employees.

What is the vesting period for the RSUs issued by Travere?

The RSUs granted by Travere vest over four years, with 25% vesting on each anniversary of the grant date.

Under which plan were the RSUs granted?

The RSUs were granted outside of the 2018 Equity Incentive Plan as inducements for new hires.